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Wyoming-based Two Ocean Ensures To Pass Bitcoins To Your Heirs With The Minimum Of Risk

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  • Wyoming-based Two Ocean partnered with crypto custodian Anchorage Digital to create a Crypto Optimized Irrevocable Non-grantor (COIN) trust.
  • The COIN trust will ensure that the digital assets, including BTC and NFTs, securely reach their heirs at minimum risk, fuss and taxes.
  • Several new crypto tycoons see the possibility of the crypto market losing its stance as too big a risk to gamble all their life’s earnings.

The crypto-verse is expanding, not just in user count but value too. An asset class worth over $2.4 trillion, almost equal to the entire German stock market, sure demands attention. With people acquiring billions in digital assets, it’s natural for them to want to turn it into a family legacy. And if you are one of those looking for a way to pass on your digital acquisitions just like any other tangible assets, this Wyoming-based firm has got you covered. 

All New Professional Service

A new and significant addition to the vast worlds of “wealth management, estate planning, tax avoidance, and cryptocurrencies.” This professional service ensures your digital assets, including Bitcoin (BTC) billions and non-fungible tokens (NFTs) worth hundreds of millions, are passed on “to your heirs with minimum risk, fuss and, taxes (federal, state, or other),” reported MarketWatch on Monday

COIN Trust: Making Digital Asset Holdings A Legacy

The IRS recently declared that every digital asset holdings are to be seen and dealt with in the same way as one’s stocks, art, or wine, said Joel Revill, a former Wall Street banker and the CEO of Wyoming-based wealth management company Two Ocean. Rivell’s firm, in collaboration with crypto-asset “custodian” Anchorage Digital, has created a COIN Trust. Two Ocean recently announced the launch of their Crypto Optimized Irrevocable Non-grantor (or COIN) trust. It will make sure that “wealth is passed on with clear instructions to the rightful heirs in a safe, expeditious and tax-optimized manner,” read the press release dated May 6 

From a cryptocurrency trust to securing biometric locks to even “domiciling” the assets in ultra-libertarian Wyoming to benefit from “the state’s low, low taxes, and strong privacy laws,” the COIN trust service offers it all.

Unconvinced Crypto Tycoons Wary Of The Risk

However, for it to actually be effective, the crypto market needs to last longer than you do, which, as the co-founder and CEO of Anchorage Digital Nathan McCauley revealed, new crypto tycoons wager is too big a risk to gamble. One can’t dedicate all his time and efforts to generate this wealth, only to have it vanish when the owner or family really needs it.

Crypto Purpose

The cryptocurrency enthusiasts are still divided on the purpose of cryptocurrencies:

  • Some see it as protection againstinflation.” And yet, during the crypto boom, there’s neither inflation nor other inflation hedges. In the past year alone, BTC surged by 500%, and forecast inflation at just 2.6%.
  • For some, it’s a protection against the dollar collapse, which the finance market has yet to witness.
  • Another batch believes it’s a protection against a broader financial collapse, as a great, durable currency amid any apocalypse, given it doesn’t affect the hardware system the crypto network operates on. 

Even in this battle of varying opinions, what the majority agrees on, is crypto’s ability to offer cheap financial services to the “unbanked.” There are millions of underprivileged, including “impoverished, undocumented migrants, refugees, and Afghan goat herders,” suffering globally. This section of the population does not trust traditional financial systems but has no issue wagering all of their scanty savings on highly volatile currencies on their brand new iPhone 12 Pro.

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